In 1892, five prospectors discovered gold at Yalgoo and established the fabulously rich Emerald Reward Mine on a site which is now just behind the Shire Council offices. Yalgoo (originally Yalguru), was declared a separate goldfield in 1895 and by the following year it had become a thriving town with seven hotels serving a vast tent city.
The town continued to grow and in 1896 the railway line from Mullewa to Yalgoo was opened. Trains passing through provided carriage for passengers and supplies to and from towns further north east and back to the coast. The rail service closed in 1978 but the Yalgoo station still stands.
The front of the railway station now houses a 24hour fuel bowser. The cache is hidden nearby.